Transparency Market Research delivers key insights on the global higher education solutions market. In terms of revenue, the global higher education solutions market is estimated to expand at a CAGR of ~20% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global higher education solutions market.
Higher education solutions enable the integration of different functions of an educational institution in real time to maintain databases and manage multiple functions efficiently. Colleges and universities are more inclined toward concentrating on their core competency by providing quality education.
The rise in demand for high quality education among students is anticipated to propel the higher education solutions market during the forecast period. As a result, the higher education solutions market is anticipated to witness healthy growth rate during the forecast period.
Higher Education Solutions Market: Dynamics
The global education sector is experiencing a shift in e-Learning models, fueled by the exponential demand for connected devices and digital education across the world. E-learning has high market potential and is becoming the next-generation education system. These educational advancements are expected to change the personal learning experience of end users as well as offer business opportunities for higher education solution developers.
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The rise in Internet penetration across various regions has increased the usage of higher education solutions by educational institutions. Hence, software-developing companies are providing higher education solutions for teaching, managing, handling, and transferring data. Rapid developments in the telecom sector in various countries are forcing educational institutes to adopt higher education solutions. Thus, vendors can focus on expanding their businesses in South Asia, Latin America, and MEA regions.
However, the higher education solutions market faces challenges due to uncertain educational policies in countries. Frequent education reforms in different countries and political interventions for the same is restraining key players from building a particular strategy and enhance their offerings in the region. Constant changes in the educational system are carried out keeping in mind the improvement of the education sector of the country; however, the transition is not easy for colleges and universities. Moreover, data privacy concerns among learners is expected to hinder the higher education solutions market.
The spread of COVID-19 has forced the education sector to drive both a stronger online presence and discover new ways to provide training and distance learning. Thus, institutions, colleges, universities, etc. are turning to alternate solutions such as video conferencing and distance education solutions to continue to provide education, and to enhance the learning experience and engagement of students participating remotely. The distance learning technology enables students to continue learning during the lockdown.
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The higher education solutions market in Europe is projected to witness favorable growth during the forecast period, due to significant adoption of various Massive Online Open Courses (MOOCs), which indirectly boosts the higher education solutions market in the region. The Asia Pacific market is likely to expand at a high CAGR during the forecast period, owing to widespread availability of Internet services in the region, which aids the growth of e-learning and subsequently the higher education solutions market in the region.